The figures from the Move with US website show that the average asking price for Greater London reached a five year high in March at £438,118, growth of £69,761 in one year.
In the South West the average asking price rose 0.46% to reach a five year high of £268,880 while the South East saw a 3.01% quarterly rise taking asking prices to their highest ever.
More properties were listed in East Anglia but the average asking price reached £255,115, another record breaking figure and the East Midlands recorded its highest every asking price average at £185,250.
Seller confidence also increased in the West Midlands, taking the average asking price to a highest ever of £197,140 and in Yorkshire and the Humber, although the average asking price dipped in the run up to Christmas, it then grew each month in the first quarter of 2014 to £169,676, some £1,449 higher than it was in December 2013.
Prices also dipped around Christmas in the North West but increases in February and March meant they are now the highest they have been since July 2010 with the average price at £174,985.
In the North East as new listings increased in January, sellers reacted by reducing asking prices. Following this initial decline, as confidence in the market grew, asking prices started to climb again. By the end of March the average asking price was £153,413, the highest it has been since December 2010.
In the face of increased competition amongst sellers, the average asking price held steady in Scotland, increasing by just 0.23% in a quarterly comparison. By March, the average asking price was £157,402. Despite the minor quarterly improvement, the average asking price in Scotland dropped by 1.37% in a yearly comparison. This is the only region in Britain to see a yearly reduction.
The average asking price rose in Wales in the first quarter of the year so by March it was £178,357, the highest it has been for four years. It appears the market hasn’t fully accepted the larger number of properties and rising asking prices as the average selling time increased throughout the quarter. By March, the average selling time in Wales was 186 days, almost two months longer than the national average.
‘Faster selling times, increased supply and rising asking prices are all positive signs for home owners. The second quarter of 2014 may hold further improvements on the back of a good start to the year,’ said Robin King, director of Move with Us.
‘It’s no longer just London which is experiencing rises in the average asking price, it’s happening in many regions in Britain. Whilst rising asking prices may make home ownership seem increasingly out of reach for many first time buyers, schemes such as shared ownership and Help to Buy are available to help them get a foot on the housing ladder,’ he pointed out.
He also said it is good news that more sellers are coming to the market as they reached the lowest on record in December 2013. However, despite the quarterly rise, by the end of March listing numbers were still significantly lower than the last two years.
There were over 23,500 fewer properties on the market in March 2014 than in March 2012 and 13,965 fewer than March 2013. ‘This could indicate some sellers are biding their time before listing their property for sale due to climbing asking prices,’ said King.
